From Liberalism to the Regeneration
In 1821 the Cortes Constituintes (Constituent Parliament) drafted the first Portuguese Constitution, which was of liberal inspiration. Determination of the value, weight and type of coins as well as the creation of public debt repayment means became the responsibility of the Cortes. In 1821, the establishment of Banco de Lisboa, the first bank of issue in mainland Portugal, constituted a further step towards financial improvement.
The regular issuance of banknotes required a range of technical operations and procedures to guarantee their security and enhance their credibility for public acceptance. Furthermore, there were aesthetic concerns regarding the iconographic details of their design. Renowned artists were always chosen to design the banknotes and the first ones to be issued by Banco de Lisboa were designed by Domingos Sequeira.
In 1835 a new monetary reform adopting the decimal system was introduced.
Great political, social and economic instability led Banco de Lisboa to suspend the payment of banknotes.
Banco de Portugal was established on 19 November 1846, resulting from the merger of Banco de Lisboa with Companhia Confiança Nacional..
